Gems and jewellery exports up 6.5% to $32.37 bn during April-Jan: GJEPC

Gems and jewellery exports rose by 6.5% to USD 32.37 billion during April-January this fiscal, said industry body GJEPC on Wednesday.

Gems and jewellery exports rose by 6.5 per cent to USD 32.37 billion during April-January this fiscal, industry body GJEPC said on Wednesday.

The exports stood at USD 30.40 billion in the same period of the previous year.

The top 10 export destinations include the UAE (41.50 per cent), Belgium (15.81 per cent), Japan (12.20 per cent) and Hong Kong (3.06 per cent) during the 10 months period of this fiscal, Gem and Jewellery Export Promotion Council (GJEPC) said in a statement.

It added that the free trade agreement (FTA) with the UAE, when implemented, would help to further push exports of plain gold and gold studded jewellery.

The council has urged the government to seek abolition of import duty of 5 per cent in the UAE on the exports of gold, silver, and platinum jewellery from India.

"UAE accounts for 80 per cent of India's plain gold jewellery exports and 20 per cent of studded jewellery exports. The FTA between India and UAE has come at an opportune time...UAE is a gateway to the entire Middle East region," it added.

With proposed nil duty, exports of plain gold jewellery and gold studded jewellery from India to the UAE would touch USD 10 billion (Rs 74,000 crore) in 2023, it claimed.

"The Indian gem and jewellery export sector has shown quick recovery post the pandemic with exports so far accounting for Rs 2.4 lakh crore, a 12.28 per cent growth (in dollar terms 6.5 per cent growth to USD 32.37 billion) during April 2021 to January 2022 as compared to Rs 2.14 lakh crore (USD 30.40 billion) during the same period in April 2019 to January 2020," it said.

Further, it said during April-January 2022, gold jewellery exports declined 24.24 per cent to USD 7.68 billion and plain gold jewellery shipments too fell by about 56 per cent to USD 3.2 billion.